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Can your business take advantage of the new TCJA income deduction?

Tax reform represents the largest change to the tax code in 30 years, and impacts virtually everybody — including business owners both small and large, who are still working to untangle the qualified business income deduction. The new deduction is one of the biggest complexities in the Tax Cuts and Jobs Act and as tax […]

5 smart tax moves you can still make for your 2018 return

The filing deadline is April 15, but it’s not too late for some savvy strategic moves With the April 15 deadline for filing your 2018 Form 1040 only a few days away, it’s still not too late to make some moves that will save taxes on last year’s individual federal income tax return. And maybe […]

Taxes From A To Z 2019: V Is For VITA

If you’re wondering whether you can claim house office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter. V is for VITA. The Volunteer Income Tax Assistance (VITA) program offers free in-person help for eligible taxpayers. VITA is offered at nearly 12,000 preparation sites […]

Tax Day is Here!

The individual tax deadline of April 15 is fast approaching. Do you have all your tax arrangements in order? Here are five important questions that people are asking.   What happens if I don’t file on time?There’s no penalty for filing a late tax return after the deadline if you are set to receive a […]

Leasing vs. Buying a Car

Knowing the tricks makes you a better decision-maker There are many reasons for you to lease a car versus buy a car, but too often it is the auto dealer’s profit motive that determines which method you use rather than what’s best for your budget and lifestyle. To help you make an informed decision, here […]

4 Key Metrics to Fortify Your Business

Even the best, well-prepared business plans can unravel quickly without a process in place to evaluate performance. Creating a scorecard with quality metrics can give you the daily insight you need to successfully run a business without drowning in the details. Create a scorecard that works An effective scorecard gives you a holistic view of […]

Tax Quiz: Wild State Tax Laws

Think taxes are simple and filled with common sense? Think again! Enjoy this fun quiz to see how well you know the crazy world of state taxes. Q: If you have a hankering for an apple or banana at work, you’ll pay an extra tax to buy fruit from a vending machine in which state? […]

Taxes for Business Owners Are More Complicated Than Ever

Even the experts are having trouble navigating the effects of the tax reform. Find out how small-business owners can keep their bearings. The first tax season where taxpayers will experience the full effect of the Tax Cuts and Jobs Act is here, and soon the economic results will be scrutinized. Business owners were a central demographic component […]

IRS expands relief from underpayment penalty

The IRS announced on Friday that it is amending Notice 2019-11 to lower the amount of tax that an individual must have paid in 2018 to avoid the underpayment of estimated income tax penalty to 80% (Notice 2019-25). The change was made after concerns were raised that the earlier relief, which lowered the underpayment penalty […]

IRS’s Dirty Dozen scams

As it has done for several years now, the IRS issued an updated list of “Dirty Dozen” tax scams for 2019. For the third year in a row one of the biggest scams is phishing attempts. Phone scams also figure prominently, with criminals making threatening phone calls to innocent taxpayers. Here are the 2019 Dirty […]